Freeport-McMoRan starts stock offerings |
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Published
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Mon, 19 Mar 2007 16:17
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NEW ORLEANS (AP) - Precious metals miner Freeport-McMoRan Copper & Gold Inc., which just bought rival Phelps Dodge Corp., on Monday commenced two public offerings.One offering entailed the sale of about 35 million shares of common stock and the other offering entailed the sale of 10 million shares of mandatory convertible preferred stock priced at $100 per share.In the first offering, underwriters have an option to purchase up to nearly 5.3 million shares to cover any over-allotments, as well as an option for an additional 1.5 million mandatory convertible preferred shares. The joint book-running managers are Merrill Lynch & Co. and JPMorgan.Freeport-McMoRan said it intends to use the proceeds to repay debt associated with its $25.9 billion cash-and-stock acquisition of Phelps Dodge.Shares of Freeport-McMoRan added 37 cents to $61.04 in morning trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Phelps Dodge holder in favor of FCX deal 